Product Details
Bank Name
Karnataka Bank
Account Name
KBL Corporate Salary Account Pride
Account Type
Salary Account
Interest Rate
Up to INR 1 Lakh: 2.75%. Above INR 1 Lakh and up to INR 10 Lakh: 2.75%. Above INR 10 Lakh and up to INR 50 Lakh: 2.75%. Above INR 50 Lakh and up to INR 100 Lakh: 3.5%
Free Debit Card
NCMC Platinum International debit card
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Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
Gross salary should be between 20,000 and 50,000.
Debit Card Charges
0
NEFT Charges
Free if done through net banking/mobile banking.
IMPS Charges
Free if done through net banking/mobile banking.
Fees and Charges
KBL Corporate Salary Account Pride
Special Features
50% concessions in processing charges on retail loans.
Users will get 1 domestic lounge access per quarter & 1 International lounge access per calendar year.
Users will get an instant 20% discount on swiggy food orders capped at INR 100 once per card per month for the minimum transaction of INR 129 valid only on Fridays.
Eligibility Criteria
For employees
Any salaried individual who intends to get their salary credited to Karnataka Bank even if their employer does not have a salary account relationship with the bank.
For employers
If an employer has a CASA account with Karnataka Bank, they can provide this zero balance salary account facility to some or all of their employees.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Personal accident insurance cover up to Rs. 20 lakhs.
Jewellery Insurance up to Rs. 2 lakhs.
Users will get 1 domestic lounge access per quarter & 1 International lounge access per calendar year.
Users will get an instant 20% discount on swiggy food orders capped at INR 100 once per card per month for the minimum transaction of INR 129 valid only on Fridays.
50% concessions in processing charges on retail loans.
Cons
Low interest rates.
KBL Corporate Salary Account Pride
The account comes with low interest rate and offers minimal value add features.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Account Opening and Procedure
How to open an Account?
To open a KBL Corporate Salary Account with Karnataka Bank, your employer needs to initiate the process. Here's a general overview:
1. Employer's Role:
Approach Karnataka Bank: Your employer needs to contact the nearest Karnataka Bank branch to discuss the implementation of a corporate salary account scheme.
Agreement: The employer and Karnataka Bank will need to sign an agreement outlining the terms and conditions of the salary disbursement process.
Employee Information: The employer will provide Karnataka Bank with the necessary employee details, including names, contact information, and employment details.
2. Employee's Role:
Minimal Involvement: Once the agreement is in place, employees typically have minimal involvement in the account opening process.
Salary Disbursement: Your salary will be directly credited to your designated KBL Corporate Salary Account.
Access to Banking Services: You'll have access to various banking services, including ATM withdrawals, online banking, and mobile banking.